KeyBank has renewed and expanded its lease at 1301 Avenue of the Americas, a 45-story office tower in Midtown, Manhattan. Designed by Shreve, Lamb & Harmon Associates and owned by Elecor Properties, the 609-foot-tall structure spans 1.8 million square feet. The Cleveland-based bank added 15,292 square feet under a 15-year renewal, bringing its total footprint to 112,924 square feet across the entire 35th through 37th floors and portions of the 28th and 38th floors. With the deal, the tower is fully leased.
1301 Avenue of the Americas, via Paramount Group.
The transaction was completed in less than four months and consolidates KeyBank’s teams within a single elevator bank, allows for an upgrade of its existing workplace, and establishes a New York City headquarters with prominent signage, according to JLL.
1301 Avenue of the Americas, via Paramount Group.
Completed in 1964, the tower was developed by Uris Buildings Corporation and was known at various times as the J.C. Penney Building and the Crédit Lyonnais Building. J.C. Penney occupied more than 800,000 square feet across 33 floors as the anchor tenant and purchased the property for $55 million in 1977, before relocating its headquarters to Dallas in 1988. Rithm Capital acquired longtime owner Paramount Group’s 16-building portfolio and rebranded the company as Elecor Properties this past April. Recent leasing includes a 121,000-square-foot, 16.5-year commitment from law firm Benesch, Friedlander, Coplan & Aronoff in May 2025 and a 140,000-square-foot lease with investment bank Piper Sandler in August 2025.
Tenants have access to the Paramount Club, a 32,000-square-foot amenity center on the concourse level that opened in May 2024. Designed by Loffredo Brooks Architects and built by JT Magen for approximately $38 million, the club features a restaurant and lounge, a café, a game room, a wellness center, an 18-person boardroom, and a 200-seat auditorium.
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